The 457 plan is a type of nonqualified,[1][2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pretax or after-tax (Roth) basis. For the most part, the plan operates similarly to a 401(k) or 403(b) plan with which most people in the US are familiar. The key difference is that unlike with a 401(k) plan, it has no 10% penalty for withdrawal before the age of 55 (59 years, 6 months for IRA accounts) (although the withdrawal is subject to ordinary income taxation). These 457 plans (both governmental and nongovernmental) can also allow independent contractors to participate in the plan, where 401(k) and 403(b) plans cannot.[3]
^Press, Cheryl; Patchell, Robert. "M. SECTION 457 DEFERRED COMPENSATION PLANS OF STATE AND LOCAL GOVERNMENT AND TAX-EXEMPT EMPLOYERS" (PDF). irs.gov. Retrieved September 2, 2016.
^Internal Revenue Service (May 30, 2018). "Non-Governmental 457(b) Deferred Compensation Plans". www.irs.gov. Retrieved September 20, 2018.
^"IRS Publication 4406" (PDF). Internal Revenue Service. October 2004. Archived (PDF) from the original on November 11, 2008. Retrieved October 28, 2008.
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